Florida's Preservation Fund

In 2008 the Florida Housing Finance Corporation established a pilot program to preserve affordable rental housing in 3 counties. In 2011, the Florida Preservation Fund (FPF) Program was expanded to 26 Florida counties to provide developers access to low rate loans for acquisition of multi-family properties, including construction funding and refinancing for the rehabilitation of properties.

Eligible properties must be located in one of the 26 eligible counties, and:

Must meet one of two affordability criteria: 51% of units set aside for individuals or families with income of 50% or less of AMI; or 100% of units set aside for individuals or families with income of 80% or less of AMI.

AND must meet one of the following characteristics: receiving project-based rental assistance and at risk of losing affordability restrictions; abandoned or foreclosed existing multi-family rental property; deteriorating property with affordability restrictions; occupied property that is at risk of losing affordabiliity restrictions; or eligible and approved for funding as multifamily project under NSP guidelines.

This Working Paper looks at the combination of incentives state agencies are using in their LIHTC programs for affordable housing in neighborhoods with economic growth, quality schools, low crime, and access to...